Charitable Gifting in Estate Planning
Charitable gifting is a powerful way to leave a lasting legacy, ensuring that your values and generosity continue to make an impact beyond your lifetime. Elder Advisor Law is committed to guiding individuals and families through the process of integrating philanthropy into their estate plans.
Ways to Include Charitable Gifting in Your Estate Plan:
- Bequests in Your Estate Planning Documents – You can designate a specific amount or percentage of your estate to go to a charity. This ensures that your contribution is honored as part of your estate’s distribution.
- Charitable Trusts – These trusts, like Charitable Remainder Trusts (CRTs) or Charitable Lead Trusts (CLTs), provide financial benefits by supporting charities while also providing income to beneficiaries or reducing taxable estate value.
- Donor-Advised Funds – By contributing to a donor-advised fund during your lifetime, you can continue directing gifts to charities even after passing.
- Beneficiary Designations – Certain assets, such as life insurance policies, retirement accounts, or investment portfolios, can be designated to charities to avoid estate and income taxes on those funds.
- Endowments and Foundations – If you want to create a long-term impact, establishing a foundation or endowment allows continuous funding for charitable causes.
Benefits of Charitable Gifting in Estate Planning:
- Tax Advantages – Donations can reduce estate and inheritance taxes, making charitable giving beneficial to both your heirs and the organizations you support.
- Lasting Impact – Your contributions can sustain nonprofits, scholarships, medical research, environmental efforts, or any other cause you value.
- Personal Satisfaction – Knowing that your legacy will contribute to a meaningful cause can provide a sense of fulfillment and purpose.
If you’re considering charitable gifting, our Elder Advisors Law Janesville or Wales team can help tailor strategies that align with your wishes and financial goals.
We welcome the opportunity to assist you with any questions you may have. Please feel free to reach out to us by phone or join one of our free workshops for valuable insights and personalized guidance.
Free Workshops
Elder Advisors Law workshops in Janesville and Wales, Wisconsin, are free. Creating an inviting and relaxed environment for attendees, these sessions deliver practical and actionable advice on safeguarding your well-being, preserving your assets, protecting your estate, and ensuring a lasting legacy for your loved ones.
